You’ve looked for, and came across the home, you believe, best serve your particular needs, requirements, areas of concern, etc. If you are similar to most people, you’ll be using a mortgage, to provide a significant amount of the necessary payment, and gone through the trials and difficulties of the process, and emerged successfully approved, for the total amount you needed and desired.
Ultimately, just before the deed on the residential home, transfers from the existing owner, to you, you will have to emerge from what a large number of 1st – time buyers, refer to, as the dreaded, real estate closing. Let’s take a look at five things, which may be requested from you so that you won’t be taken aback, but instead are as prepared as possible, thus making this, go far more smoothly, and with far less stress!
- Exactly where the serious money came from Finance companies often query, where one got the money, to put down, also called earnest money. For example, if a property sells for $500,000, and you are to put 20% down, that means $100,000 down – settlement. When you sign the contract, you’ll be expected to put an amount down, also known as earnest money. This amount is almost always 10%, so in this case, somebody would probably lay $50,000 down, on signing the contract, and an equivalent amount payable at the closing. You could be requested to indicate where this money came from, by sending a few months bank statements, or investment statements, etc.
- Tax returns: Mortgage banks and brokers, generally require the buyer, to submit the two, most up-to-date, years, tax returns. This is usually done, by putting your signature on a form, allowing, them to get all of these from the government. Be ready to answer anything that may tend to be moderately confusing!
- Investment statements: Gather the investment statements from your capital. You will be asked, also, for the previous year, or two, and especially, the most recent few quarters.
- Bank statements: You will need to supply, a minimum of, the last two bank statements, and some could ask for 3 or 4. Make sure these point out, clearly that you can afford the home, you might be procuring.
- Know your credit rating: Do you have a high – enough, credit rating, to assure the lending institution? The
very best method is to thoroughly examine this, carefully, before commencing your home – hunting!
There are lots of other closing requirements. However the above 5, are lasting, and, if one is well prepared properly, should be no problem! Every day, there are more homes for sale
You’ve determined, the time is right, for you to obtain the house to fit your needs, and make it your home! Nonetheless, doesn’t it make sense, since, for most people, one’s home is their single, most precious possession, to be as prepared, as possible?
Potential home buyers should pay attention to the following tips so kindly provided by top Southern Oregon Real Estate companies:
- Get yourself pre-approved before looking at houses and discover upfront what you can realistically afford. Meetup with a reputed mortgage professional and ask them to be pre-approved! Getting it done requires a procedure that is similar to receiving a mortgage approval in that you need to submit certain forms and get verified, etc. This way, you will know beforehand how much you qualify for and the price range you can look at.
- Scrutinize the area where you want to set up your home. Walk around and get a feel for the place and the neighborhood to establish if it is something you can live with on a permanent basis. How long will your commute be to work and back from this locale?
- Know your needs and what you want by evaluating both your present and future needs. Do you want a starter home or a place where you want to remain for an extended period of time? How many bedrooms and what size should they be. What about bathrooms, livingroom, kitchen, dining room, the style of the house, and so forth?
- Other things to consider is down payments and closing costs. Also, now that you know what you qualify for regarding the mortgage amount, you should consider whether you would be comfortable with the down payment required. Consider your closing costs as well.
Windermere Real Estate will assist with a host of tips and hints when wanting to buy a home. Check out all of the homes for sale by VanVleet, here.